The government has proposed a new tax payment option allowing individuals to pay their taxes in instalments, as outlined in the Nigeria Tax Bill 2024 submitted to the National Assembly. Taxpayers can now choose between a lump sum payment or spreading the payments over time. Additionally, a special account for tax refunds is to be created by the Accountant-General of the Federation. Recent tax reforms aim to enhance revenue collection, with new bills introduced to establish legislative frameworks. These reforms also include the creation of the Nigeria Revenue Service and a tax tribunal and ombudsman. The draft bill specifies the process for tax payment in instalments, including equal monthly payments and a final instalment due before the filing deadline. Taxpayers may be refunded any overpayment or excess tax following an audit by the relevant tax authority. The distribution of value-added tax revenue is outlined to allocate percentages to the Federal Government, State Governments, Federal Capital Territory, and Local Governments.
FG introduces tax payment in instalments
